RIYADH, Saudi Arabia, CMC – The Saudi Fund for Development (SFD) Thursday signed a separate Memorandum of Understanding (MOU) with the Caribbean Community (CARICOM) countries of St. Kitts-Nevis and St. Vincent and the Grenadines.
SFD chief executive officer signed the MOU with St. Vincent and the Grenadines Prime Minister Dr. Ralph Gonsalves.
According to a statement issued here, the US$50 million will finance the expansion, construction, and rehabilitation of several buildings and facilities affected by natural disasters.
“This funding will play a crucial role in restoring essential infrastructure, promoting sustainable development, and bolstering the nation’s economic resilience in the aftermath of natural disasters,” it added.
The second MOU was signed with St. Kitts=Nevis Prime Minister, Dr. Terrance Drew, totaling US$40 million to finance the expansion of the Needs Must Power Plant Project.
“This financial support from SFD aims to contribute to the nation’s energy supply and foster socio-economic development in St. Kitts and Nevis.”
The statement said both oUs underscore SFD’s “steadfast commitment to fostering sustainable development in the Caribbean region, emphasizing the significance of international cooperation and solidarity in achieving the SDGs and promoting social and economic growth, particularly in Small Island Developing States (SIDS).
”Aligned with its mission to champion global sustainable development since 1975, SFD has funded over 800 development projects, totaling US$20 billion, in more than 100 countries worldwide.
“Actively engaged in development projects within CARICOM member states for nearly four decades, SFD has, in the current year alone, provided approximately US$670 million in financing for 12 development projects,” the statement added.
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